Colorado Springs Market Update

Bob LandryJanuary 23, 2018

The Colorado Springs residential real estate market is holding strong and steady. In the latest data release by the Pikes Peak Association of Realtors® (PPAR), 2016 is off to a great start. Properties are moving at higher prices and more quickly. With continued demand for Colorado Springs properties, we are looking at a growing seller’s market. If you are thinking of selling your home, now could be an ideal time to do so as there is less competition for buyers to view. If you are planning to buy a home, don’t worry, finding one now will help you get a great price on a property which will most likely grow in value, increasing your own investment.
In looking at the data, home sales overall are on the rise. February saw an increase in the number of new listings, with 1,250 this year, compared to 1,127 in February 2015. There were fewer homes for sale comparing February to January of this year however. January had 1,915 homes for sale, while February had 1,764 properties available. This is good news, showing that Colorado Springs is where people want to live as more homes are being bought each month.
This growth in sales is also reflected in the total number of closed sales for the first couple months of the year. January and February combined saw 1,719 homes sold in total, while the year prior had 1,353. This is a 27.1% increase overall. To see almost 400 more properties sold compared to a year ago is a clear indicator of a strong and growing market. For February 2016 itself, 870 single family homes were sold, up 21.3% from the year prior, and 131 condos and townhomes were sold, up 31.0%, for a total of 1,001 properties closed in February.
Even more good news is the current number of contracted sales for homes. There were 2,273 homes in the sale process in February. Compared to a year ago where there was 1,974, it is easy to see the growth pattern we are experiencing here. This increased movement on properties comes as no surprise when you consider the average days on the market. The Colorado Springs area has been holding steady with a 60-day average time on the market since December 2015. This is 10 days less than at the start of last year’s holiday season. If sales continue to rise, this number could be expected to fall more over the coming months.
Another area of growth to watch is in pricing. There are two key figures to watch, the average and the median sale price. The average sale price for single family homes in February was $270,377, up 8.9% from the same time a year ago. The median price, which represents the mid-line price for homes sold in the area, was at $240,000 last month, up 6.7% from February 2015. For condos and townhomes, the average sale price in February was $171,198, up 18.8% compared to last year. The median price was $154,900, up 12.2%. These figures have seen a bit of ups and downs over the last year, but overall have remained higher and are steadily increasing.
Colorado Springs is a place where people want to live, and owning a home is an investment well worth it. If you are ready to buy a home, or sell one, Linda and I, andLandry Team Solutions are here to help you with caring and exceptional service. We understand that a home is an investment, not just a transaction. To learn more about how we can help you, contact us by phone at (719) 598-4700, or by email at landryteamsolutions@gmail.com.